ONE OF THE MOST HISTORIC CITIES IN VA, PETERSBURG HAS TRADITIONALLY SERVED AS AN IMPORTANT CENTER OF TRANSPORTATION AND COMMERCE. It remains an important hub today with its location along I-95 and CSX and Norfolk Southern rail lines. As the site for numerous events that have shaped the history of the Commonwealth during both the Colonial period and Civil War, Petersburg has also developed as an attraction for heritage tourism. Old Towne today is a district of antique galleries, boutiques, craft shops, restaurants, cafes, and a mix of renovated residences. Although the oldest part of Petersburg lies along the bank of the Appomattox River, Old Towne Petersburg extends South to Wythe Street. City government offices, the beautiful Courthouse complex, the Petersburg Visitors Center, the Petersburg Area Art League and scores of historic and architecturally significant structures are located in Old Towne Petersburg. In addition to its historic charm, Petersburg is also becoming increasingly well-known for its festivals that draw thousands of visitors and locals. The monthly Friday for the Arts! is a celebration of all forms of art located in twenty or more venues throughout the downtown. Free concerts ranging from classical to blues to rock delight guests throughout the evening. Another popular event is the Festival of Grapes and Hops that recently celebrated its 10th anniversary in 2018. As the name implies, food, beer, and wine are the stars of this popular annual event. Along with this emerging tourism industry, its proximity to the large employers and educational institutions has spurred recent redevelopment that includes new housing, businesses, and entertainment facilities. Fort Lee is a United States Army post and headquarters of the United States Army Combined Arms Support Command and employs 12,700 ndividuals. Online retailer Amazon also has two fulfillment centers in proximity to Petersburg with 3,800 employees. Likewise, the nationalretailer Walmart has a major distribution center with 545 employees. In addition, the health care industry is well represented in the area with Southside Regional Medical Center–designated as a Level III Trauma Center–and its 300 bed facility and 1,280 employees. Virginia State University is also located across the Appomattox River from Old Towne Petersburg. The campus stretches over 231 acres and includes an agricultural research facility known as the Randolph Farm, 18 academic buildings, and 11 dormitories. With 5,400 students and 1,150 employees, many of those affiliated with the university choose Petersburg for amenities and housing. Along with a strong public revitalization effort, the presence of these major institutions and employers in the Petersburg area have greatly improved the prospect for real estate investment. As evidence, the sale of the Mayton Transfer Lofts was a watershed moment for investment in the area. Previously, sales had never gone beyond $8 million. The 218-unit multifamily industrial conversion was completed in 2012 and sold for $21.5 million, or $98,000 per unit, in June 2018, which is a third higher than any other price per unit for Petersburg.